Rochelle Nawrocki-Gorey, CEO and founder of social impact fintech SpringFour, has seen the scope of her business expand in the past year. SpringFour partners with banks, credit unions, lenders, nonprofits and more to help them deliver vetted financial resources to their customers at no cost. This includes employment resources, food savings programs and affordable childcare. Nawrocki-Gorey's family struggled financially when she was growing up, and she said that she has experienced firsthand the stigmas and realities of financial adversity.
In 2023, the number of financial health referrals made by SpringFour totaled 5.5 million — the most in a single year since Nawrocki-Gorey founded the company in 2005, and a 25% increase over the year before. SpringFour added transportation resources to its arsenal in 2023 as well, which include low-cost vehicle purchase programs and car repair services, and expanded its recommendations for student loan assistance. The company reports that it is profitable, but declined to disclose numbers.
Under Nawrocki-Gorey's leadership, SpringFour has yielded concrete results for its clients, which include Capital One Financial, BMO Harris, M&T Bank, KeyCorp and consumer lender OppFi. In a recent analysis of one BMO portfolio, it found that BMO delivered 91,000 financial resources to customers over a 12-month span. This resulted in the bank reducing its credit losses by millions. The bank also posted a nearly 5.5 times return on investment over the same period because of increased repayment rates, lower delinquencies and credit losses, and improved customer engagement and loyalty.
Nawrocki-Gorey also oversaw a new product launch.
In 2023, SpringFour introduced a fourth delivery method to end users, called S4connect. Unlike S4direct (a resource lookup tool embedded in a client's website), S4pro (a search tool for contact center agents) and S4select (an application programming interface), S4connect is a SpringFour-hosted web-based tool that its clients link to within their apps, websites, communications and more. This tool also offers reporting capabilities that lets clients connect customer performance improvements to having received SpringFour referrals. Typically between 30% and 50% of end users engage with S4connect when given the option.
